Africa Markets Podcast
382 episodes - English - Latest episode: almost 2 years ago -RMB's research offering spans across the fixed income, currency and credit markets to offer strategic insight to our clients across multiple sectors and markets.
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Episodes
AMI 19 January 2022: Growth expected to continue through 2022
January 19, 2022 06:23 - 2 minutes - 1.89 MBGrowth: The latest data on economic performance across the continent shows that the effects of the pandemic have broadly dissipated. 3Q21 data captures the period when delta variant was rampant and despite its direct effects on various households, See omnystudio.com/listener for privacy information.
AMI 18 January 2022: Inflation pressures likely to persist
January 18, 2022 06:08 - 1 minute - 1.63 MBInflation: As brent crude oil hits record highs and as average regional food prices remain upwardly sticky, inflation pressures are likely not to ease substantially in 2022 across the continent. See omnystudio.com/listener for privacy information.
AMI 17 January 2022: African currencies performance
January 17, 2022 06:28 - 2 minutes - 2.27 MBCurrencies: As the year takes-off, most African currencies have started on stronger footing gaining 0.65% on average year to date. Since the onset of the pandemic, currencies seem to have stabilised reversing most losses experienced in 2020 and performing better than most emerging market currencies (see Figure 1). See omnystudio.com/listener for privacy information.
AMI 15 December 2021: Mozambique’s budget approval and Namibia’s house price index
December 15, 2021 07:48 - 1 minute - 1.59 MBMozambique: The Mozambican parliament has approved the 2022 budget, which shows a significant increase in government expenditure. This is likely to result in further widening of the budget balance, which we expect to widen from -10% of GDP in 2021 to -12.5% of GDP. See omnystudio.com/listener for privacy information.
AMI 14 December 2021: Kenya’s power cost and foreign reserves levels
December 14, 2021 06:51 - 1 minute - 1.7 MBKenya: The authorities have opted to introduce price cuts to electricity over the course of the next few months in a bid to alleviate pressures faced by both households and businesses. Over the past 12 months, See omnystudio.com/listener for privacy information.
AMI 13 December 2021: Ghana on vaccines and kwacha gains
December 13, 2021 06:19 - 1 minute - 1.64 MBGhana: Ghana has introduced mandatory vaccinations for all travellers entering the country. The move comes at a time when the world is contending with a fourth wave. See omnystudio.com/listener for privacy information.
AMI 10 December 2021: Egypt inflation and Africa local currency bonds
December 10, 2021 04:53 - 2 minutes - 1.97 MBEgypt: Both annual and monthly inflation slowed in November. On a year-on-year basis, the print came in at 5.6% vs 6.3% the month before while the monthly reading eased to 0.1% from 1.5%. See omnystudio.com/listener for privacy information.
AMI 9 December 2021: Namibia monetary policy and EM sovereign credits
December 09, 2021 06:46 - 2 minutes - 2.27 MBNamibia: Yesterday the Bank of Namibia kept the repo rate unchanged at 3.75%. The MPC cited that the spreading of the omicron variant is a major risk of the nascent economic recovery. See omnystudio.com/listener for privacy information.
AMI 08 December 2021: Côte d'Ivoire cocoa and oil prices
December 08, 2021 06:37 - 1 minute - 1.59 MBCôte d'Ivoire: Overall, export earnings from cocoa are expected to remain robust over the course of 2022 given the expectation of normal to above normal rainfall for the region. See omnystudio.com/listener for privacy information.
AMI 07 December 2021: Ghana’s PMI and the kwacha
December 07, 2021 06:22 - 2 minutes - 1.96 MBGhana: The Ghanaian market continues to improve with the latest PMI figures coming in at 51.0 at the end of November. We indicated earlier this week that most economies have PMI numbers above the 50-neutral mark as demand resumes across the various economies. See omnystudio.com/listener for privacy information.
AMI 06 December 2021: PMI data and Zambia IMF deal
December 06, 2021 05:39 - 2 minutes - 2.44 MBPMI: The latest PMI figures show that business activity and sentiment is generally positive towards the end of the year. Across Zambia, Mozambique, and Kenya, PMI figures are in expansionary territory printing 51.8, 52.0 and 53.0 respectively. See omnystudio.com/listener for privacy information.
AMI 3 December 2021: Kenya’s budget and FX
December 03, 2021 06:09 - 1 minute - 1.7 MBLawmakers have approved plans to increase spending by 5.4% in FY21/22. As a result, the authorities now see the fiscal deficit narrowing to 8.2% of GDP in the current fiscal year and narrowing to 6% in FY22/23. See omnystudio.com/listener for privacy information.
AMI 2 December 2021: Nigeria PMI and EM eurobonds
December 02, 2021 06:16 - 2 minutes - 1.94 MBNigeria: The PMI reading for November remained in expansionary territory, printing at 55 from 54.1 the month before See omnystudio.com/listener for privacy information.
AMI 01 December 2021: Namibia PSCE, Kenya inflation and diamond prices
December 01, 2021 07:01 - 2 minutes - 2.31 MBNamibia: Credit to the private sector continued to grow at a slow pace of 2.9% y/y at the end of October See omnystudio.com/listener for privacy information.
AMI 30 November 2021: Nigeria’s credit rating and Kenya interest rates
November 30, 2021 06:59 - 2 minutes - 2.03 MBNigeria: Moody’s has changed Nigeria’s credit rating outlook from negative to stable while affirming the long-term issuer credit rating at B2. See omnystudio.com/listener for privacy information.
AMI 29 November 2021: Covid-19 and commodity prices
November 29, 2021 04:34 - 1 minute - 1.66 MBCovid-19: While active cases remain low in the region, there are signs that at fourth wave of covid-19 can be expected over the next month. Despite expectations of it, the new omicron mutation has added towards uncertainty on length and nature of the wave. See omnystudio.com/listener for privacy information.
AMI 26 November 2021:Zambia inflation, Ethiopia GDP and EM spreads
November 26, 2021 05:32 - 2 minutes - 2.08 MBZambia: Inflation in November continued to decelerate as the reading came in at 19.3%y/y compared to 21.1% a month before. Zambia’s inflation trajectory continues to buck the regional trend of increasing price pressures simply because of base effects and the lagged impact of a strong currency in 2H21. See omnystudio.com/listener for privacy information.
AMI 25 November 2021: Zambia and Lesotho MPC, and Egypt 3Q21 GDP
November 25, 2021 06:56 - 2 minutes - 2.65 MBZambia: The MPC opted to hike rates by 50bp, lifting the policy rate to 9.0%. Key to the decision was the fiscal policy target which aims to have inflation taper to single digit territory by 2023. See omnystudio.com/listener for privacy information.
AMI 24 November 2021:Zambia MPC preview and Nigeria holds interest rates and oil movements
November 24, 2021 06:30 - 2 minutes - 2.42 MBZambia: The monetary policy committee is expected to keep interest rates flat during their last seating for the year. Key to their decision will be inflation, which has so far maintained its disinflationary trend in line with their forecasts. See omnystudio.com/listener for privacy information.
AMI 22 November 2021: Namibia tourism statistics and oil prices
November 22, 2021 06:11 - 2 minutes - 1.88 MBNamibia: Tourism activity continues to recover in Namibia with bed occupancy rates at 30.4% at the end of October. This is a significant improvement from last year’s average bed occupancy rates which came in at 13.7%. See omnystudio.com/listener for privacy information.
AMI 19 November 2021:Nigeria GDP and Ghana local dollar bond
November 19, 2021 05:12 - 1 minute - 1.81 MBNigeria: the economy grew by 4.03%y/y in 3Q21 compared to 5% in the previous quarter. The softness in the data is partly due to crude oil production which was down 6% in the quarter resulting in an overall decline in the sector by 10.7%. See omnystudio.com/listener for privacy information.
AMI 18 November 2021: Ghana budget and Mozambique MPC
November 18, 2021 06:16 - 1 minute - 1.81 MBGhana: The 2022 budget showed an aggressive fiscal consolidation, with the balance returning to the constitutional limit of no more than 5% of GDP expected by 2024. See omnystudio.com/listener for privacy information.
AMI 17 November 2021: Mozambique’s MPC and oil prices retreat
November 17, 2021 05:42 - 2 minutes - 2.13 MBMozambique: We expect the MPC to signal towards a higher interest rate environment as inflation hovers above the upper bound target of 6%. We noted that increases in food and alcohol prices, combined with higher costs of fuel and gas have led to inflation rising to 6.4% y/y at the end of October. See omnystudio.com/listener for privacy information.
AMI 16 November 2021:Botswana’s inflation and the shilling
November 16, 2021 06:32 - 2 minutes - 2.53 MBBotswana: Botswana’s inflation rate jumped to 8.8% y/y in October, 0.4ppt higher than the September print. The primary contributor to this level of price growth was the transport index(4.5ppt), which received a prod from the recent fuel increases. See omnystudio.com/listener for privacy information.
AMI 15 November 2021: Kenya fuel price unchanged and Iron ore prices
November 15, 2021 06:01 - 1 minute - 1.73 MBKenya: The Energy and Petroleum Regulatory Authority has opted to keep the prices of gasoline products unchanged for the December period. This is after the authorities opted to cut prices in October to offer support to consumers. See omnystudio.com/listener for privacy information.
AMI 12 November 2021: Namibia inflation and Ethiopia’s debt
November 12, 2021 05:46 - 1 minute - 1.67 MBNamibia: Inflation picked up modestly to 3.6%y/y in October from 3.5%y/y the month before. In keeping with the global trend, goods inflation at 4.5%y/y continues to outpace services inflation at 2.4%y/y as supplychain bottlenecks fuels this trend. See omnystudio.com/listener for privacy information.
AMI 11 Nov 2021: Ghana inflation and Kenya 2Q21 growth
November 11, 2021 05:20 - 2 minutes - 1.99 MBGhana: Like in the US, Ghana’s latest inflation print overshot inflation expectations (10.9% y/y) to print at 11% in October from 10.6% in September See omnystudio.com/listener for privacy information.
AMI 10 November 2021: Mozambique’s inflation and oil prices
November 10, 2021 05:02 - 2 minutes - 1.93 MBMozambique: Inflation remains upwardly stick across the country coming in at 6.42% y/y at the end of October. The main protagonists for growth were food and restaurant inflation that came in at 12.23%y/y and 6.27%y/y, respectively over the same period. See omnystudio.com/listener for privacy information.
AMI 09 November 2021:Mozambique’s Coral FLNG and Covid-19
November 09, 2021 06:44 - 2 minutes - 2.04 MBMozambique: ENI expects construction to be completed later this year at its Coral FLNG operations, with production and export to begin mid next year. See omnystudio.com/listener for privacy information.
AMI 08 November 2021: Nigeria credit extension and Iron ore prices
November 08, 2021 06:23 - 1 minute - 1.57 MBNigeria: Data from the central bank shows that private sector credit extension continues to improve across the market. See omnystudio.com/listener for privacy information.
AMI 05 November 2021: Egypt reserves and Kenya’s latest PMI reading
November 05, 2021 05:04 - 1 minute - 1.7 MBEgypt: FX reserves increased marginally increased by US$29m to US$40.8bn in October. Reserves continue to improve on account of foreign portfolio inflows into the country which now exceed pre-pandemic levels as offshore investors now own over US$30bn in assets. See omnystudio.com/listener for privacy information.
AMI 4 November 2021: Ghana PMI and the Kenyan shilling
November 04, 2021 07:01 - 2 minutes - 2.14 MBGhana: The latest PMI figures point towards a slowdown in the economy, with the reading coming in softer at 51 in October vs. 52.6 a month before. While still in expansionary territory, the output sub-component came in at 50.5 vs. 53 in September. See omnystudio.com/listener for privacy information.
AMI 3 November 2021: Egypt PMI and the metical
November 03, 2021 06:12 - 2 minutes - 1.91 MBEgypt: The latest PMI figures point towards a slowdown in non-oil sector output on the back of supply-side bottlenecks. We have cautioned before that one of the negative externalities from covid-19 has been the impact on supply chains globally. See omnystudio.com/listener for privacy information.
AMI 2 Nov 2021: Nigeria PMI and Mozambique’s graphite
November 02, 2021 05:41 - 1 minute - 1.85 MBNigeria: Economic recovery continues to garner momentum in Nigeria, with the latest PMI figures indicating that output from various producers in the country is on the rise. In October, See omnystudio.com/listener for privacy information.
AMI 29 October 2021: Egypt MPC decision, Zambia’s inflation and it’s budget
October 29, 2021 05:47 - 1 minute - 1.85 MBEgypt: True to expectation, the central bank kept interest rates unchanged for the eight consecutive meeting. See omnystudio.com/listener for privacy information.
AMI 28 October 2021: Egypt MPC and Nigeria subsidies
October 28, 2021 06:02 - 1 minute - 1.63 MBEgypt: Front and center today will be the MPC decision were we expect interest rates to stand pat. While the trajectory of higher inflation (6.6% in September) will be concern, the committee will be cognisant that the high real interest rate has been supportive to the external accounts. See omnystudio.com/listener for privacy information.
AMI 27 October 2021: Covid-19 update and aluminium prices
October 27, 2021 07:12 - 1 minute - 1.72 MBCovid-19: BioNTech has signed deals with Rwanda and Senegal for the production of mRNA vaccines from mid-2022. Since earlier this year, discussions have been evolving around the potential production of vaccines (including covid-19 vaccines) in the continent. See omnystudio.com/listener for privacy information.
AMI 26 October 2021: CBN support and the kwacha
October 26, 2021 07:10 - 1 minute - 1.75 MBNigeria: The central bank has committed to provide financial support to private sector companies based on the policy they have introduced that will run from the first of November. See omnystudio.com/listener for privacy information.
AMI 25 October 2021:Mozambique price pressures and brent crude
October 25, 2021 06:53 - 1 minute - 1.55 MBMozambique: We see further upward pressure to Mozambique’s inflation profile as the energy regulator announced higher prices on petroleum products last week. On average fuel prices were increased by 9% while cooking gas is up 26%. See omnystudio.com/listener for privacy information.
AMI 22 October 2021: Botswana’s interest rate decision and IMF’s mission to Zambia
October 22, 2021 05:38 - 1 minute - 1.72 MBBotswana: The Bank of Botswana’s (BoB) Monetary Policy Committee (MPC) maintained the bank rate at 3.75% at yesterday’s meeting. See omnystudio.com/listener for privacy information.
AMI 21 October 2021: Namibia’s MPC and Zambia’s external debt
October 21, 2021 05:35 - 1 minute - 1.46 MBNamibia: The Bank of Namibia’s MPC yesterday kept interest rates unchanged at 3.75% on sluggish economic growth. We don’t foresee any changes to interest rate levels until 2H22 where we expect a 25bp increase, aligned with regional interest rate hikes. See omnystudio.com/listener for privacy information.
AMI 20 October 2021: Namibia’s MPC and the Kenyan shilling
October 20, 2021 06:02 - 1 minute - 1.87 MBNamibia: We expect the MPC to keep interest rates flat at 3.75%, maintaining their current broad accommodative stance within the economy. Since their last seating, inflation has broadly moved sideways coming in at 3.5%y/y in September. See omnystudio.com/listener for privacy information.
AMI 19 October 2021: Mozambique budget proposal and copper prices
October 19, 2021 07:08 - 1 minute - 1.71 MBMozambique: The Council of Ministers in Mozambique have approved the proposal of the budget, now slated to be debated in parliament over the next few months. See omnystudio.com/listener for privacy information.
AMI 18 October 2021: Côte d’Ivoire politics and natural gas prices
October 18, 2021 05:55 - 1 minute - 1.81 MBCôte d’Ivoire: Former president of Côte d’Ivoire, Laurent Gbagbo, has launched a new political party African People Party – Côte d’Ivoire (PPA-CI). The former president has stated that he plans to remain in politics for the rest of his life. See omnystudio.com/listener for privacy information.
AMI 15 October 2021: Namibia’s inflation and Nigerian naira
October 15, 2021 05:29 - 2 minutes - 1.9 MBNamibia: Inflation pushed higher in September to 3.5%y/y from 3.4% in August. In monthly terms, the print came in at 0.3% compared to -0.2% a month before, which was the lowest reading since September 2020. See omnystudio.com/listener for privacy information.
AMI 14 October 2021: Ghana inflation and Egypt index inclusion
October 14, 2021 06:17 - 2 minutes - 2.08 MBGhana: True to form, annual inflation continues to increase, with the September print coming in at 10.6% y/y from 9.7% a month before. The latest print, a 14-month high, is now above the 10% — the upper threshold of the inflation target band. See omnystudio.com/listener for privacy information.
AMI 13 October 2021: Mozambique’s leading inflation indicator and vaccines
October 13, 2021 06:26 - 2 minutes - 1.99 MBMozambique: Latest inflation leading indicator suggests that the final quarter of the year could see inflation remaining persistently high in Mozambique. On an annual basis, the leading indicator is up 12.3%y/y at the end of September on the back of higher fuel prices and persistently high regional food prices. See omnystudio.com/listener for privacy information.
AMI 12 October 2021: Mozambique forces and base metals prices
October 12, 2021 06:35 - 1 minute - 1.83 MBMozambique: The leader of the Renamo Military Junta, Mariano Nhongo, was killed in combat by Mozambican security forces. See omnystudio.com/listener for privacy information.
AMI 11 October 2021: Egypt’s inflation and the kwacha
October 11, 2021 06:48 - 2 minutes - 1.99 MBEgypt: Urban inflation has rallied to 6.6%y/y in September on the back of higher food prices. The price surge was driven by the prices of food which shot up by 10.6%y/y. Over our forecast period (2021 -2023) we expect inflation to continue on a steady upward path, spurred by factors such as a pickup in economic activity, the recent adjustment to minimum wages and elevated commodity prices. See omnystudio.com/listener for privacy information.
AMI 8 October 2021 - Zambia external bonds and Kenyan shilling
October 08, 2021 07:08 - 2 minutes - 1.93 MBZambia: External bonds traded relatively well yesterday on comments by the vice president that the nation aims to reach a staff-level agreement with the IMF by the end of this year. It was also noted that external guaranteed and non-guaranteed debt stood at US$14.7bn, of which indebtedness to China is US$5.95bn. See omnystudio.com/listener for privacy information.